Press Release

Chemical Financial Corporation Declares Second Quarter Cash Dividend

Company Release - 4/21/2003 7:44 AM ET

MIDLAND, Mich., April 21 /PRNewswire-FirstCall/ -- Aloysius J. Oliver, Chairman of Chemical Financial Corporation, announced that on April 21, 2003, the board of directors of the Company declared a quarterly cash dividend of $0.25 per share of common stock payable on Friday, June 20, 2003, to shareholders of record on June 6, 2003. The ex-dividend date is June 4, 2003.

Chemical Financial Corporation is the fourth largest bank holding company headquartered in Michigan. The Company's four Subsidiary Banks operate 129 "Chemical Bank" offices and 2 loan production offices spread over 32 counties in the lower peninsula of Michigan. CFC Data Corp, Midland, is the Company's wholly owned data processing subsidiary.

Chemical Financial Corporation common stock trades on the Nasdaq Stock Market under the symbol "CHFC".

SOURCE  Chemical Financial Corporation
    -0-                             04/21/2003
    /CONTACT:  David B. Ramaker, President & CEO of Chemical Financial
Corporation, +1-989-839-5269/
    /Company News On-Call:
    /Web site: /

CO:  Chemical Financial Corporation
ST:  Michigan

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